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Jamie Dimon, Chairman and CEO of the largest of the big four American banks JPMorgan Chase, recently announced that his bank has created its own cryptocurrency prototype called JPM Coin. The newly created crypto tokens will be ready for widespread use after the banking giant will conclude a trial period with wholesale payments clients. Surprisingly (or not), this is the same Jamie Dimon who has bashed Bitcoin publicly, calling it a fraud and “worse than tulip bulbs.”
To some, who perhaps had thought Dimon as anti-Bitcoin or anti-blockchain, the news comes as sharp U-turn, and to many this might be some great news, especially for crypto enthusiasts and the industry itself. Billionaire venture capitalist and Bitcoin enthusiast himself, Tim Draper, has also reacted positively to the news and said quite a few fascinating things to FOX Business on Sunday.
Tim Draper, who has millions invested in the cryptocurrency, compared the news to “a bellwether akin to Apple welcoming IBM into the PC business.” Later in the interview he added that “[n]ot many Bitcoin knockoffs have worked particularly well, but they all add to the interest in Bitcoin.”
Bitcoin’s price didn’t see any significant upswings right after JPMorgan’s crypto news but it did jumped a few significant percentages to nearly $4,000 over the passing day.
Draper has made many successful investment decisions, especially about investing in giants such as Skype, Hotmail, and Tesla. He has also invested huge amounts of his own personal money in Bitcoin and other cryptocurrencies throughout the last decade because Draper holds the belief that blockchain technology will prove to be revolutionary and a game changer. He also says that Bitcoin is the most secure currency right now, and that everyone should invest in it before they might miss the train.
“This is going to be the biggest change in the history of the world and it’s so exciting,” Draper said in the past. “I thought the internet was super exciting, but this is going to completely change everything and the government itself is going to change.”
Even after seeing the sharp decline in Bitcoin’s price, from an all-time high of about $20,000 in December 2017 to about $3,800 today, Draper believes that Bitcoin will hit $250,000 by 2022, quite a remarkable prediction.
He further said that the increase in Bitcoin’s price will be driven by the high demand of a global decentralized secured digital currency by the public that will realize the potential and importance of cryptocurrencies.